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Blockbuster Chapter 11

Blockbuster has nearly run out of money again. It wants its bondholders to put up more capital as it wrestles to exit Chapter 11. If some of the bondholders balk, Blockbuster will almost certainly be sold off in parts. But what exactly does it have left to sell?

It's easy to blame Blockbuster's collapse, which culminated Thursday in a voluntary Chapter 11 filing, on the rise of streaming Internet video and kiosk rental options. But Netflix faced the same threats and it's thriving. So what did Netflix do smarter than its bankrupt rival?